Bill > SB630

This bill, titled the "Carbon Credit Act," establishes a framework for carbon credits, which are intangible assets representing a reduction of one metric ton of carbon dioxide equivalent, a measure of a gas's warming impact compared to carbon dioxide. The act defines key terms like "greenhouse gas," "natural resource," and "sequestration," which is the process of removing greenhouse gases from the atmosphere and storing them. It specifies that carbon credits are generally considered contract rights but can be treated as intangible real property if linked to a specific natural resource with a verifiable chain of custody. To oversee this, the bill creates a five-member "carbon credit oversight board," including representatives from state agencies like the State Auditor's office and the Energy, Minerals and Natural Resources Department, along with two industry members. This board will review and audit how ownership of carbon credits is tracked. The bill also appropriates $100,000 from the general fund to the State Auditor for fiscal year 2016 to support the board's operations and related expenses.